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HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!

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HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
33 replies 34.6K views
skyrider007skyrider007 Forumite
1.1K posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
I've just made a bill payment via HSBC Internet Banking and to my surprise after submitting my payment details the screen showed "Your payment will be received by the beneficiary within 2 hours". I was slightly confused and thought I have just made a CHAPS payment however this was not the case as I have not been charged any fee.

For those who have online banking with HSBC, the future of faster payment has arrived!
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Replies

  • kirsty000kirsty000 Forumite
    211 posts
    hi Ive just made a payment and had the same happen to me. Found this on their site:
    Overview

    Faster Payment Service is a new UK clearing system which is due to launch on 27 May 2008.
    In normal circumstances payments are guaranteed to reach the beneficiary's account and be available for drawing within 2 hours. The system will be available 24 hours a day, 365 days a year to make payments

    Looks like its here early!
  • i work for a bank in a call centre (not saying who yet!) and we've had training on this faster payments system (basically the same except it goes quicker sometimes tho we dnt kno until it goes through cus it depends on the receiving banks!!). its due to start with us next week, 27th but thats after being postponed ... wait til u see it on ur statements, our examples show the time :D
    I am a poor student wife now but don't think I can edit username? i study dance and love it though of course, it'll be a career that doesn't earn a lot of money!!

    lost 5lbs so far - up to 11lb more to lose i think, will stop if it looks skeletal though dont think that could ever happen!
  • skyrider007skyrider007 Forumite
    1.1K posts
    I've tested the system by transferring 1p from my HSBC account to my NatWest account. Surprise, surprise... the 1p showed up on my NatWest account in 10 minutes and is available for immediate withdrawal.
  • SuiDreamsSuiDreams Forumite
    2.4K posts
    Part of the Furniture 1,000 Posts
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    Does anyone know if this aplies to First Direct as well?
  • msaquibmsaquib Forumite
    717 posts
    It looks HSBC is still testing it.

    I tried to transfer 1p to my A&L account and showed a message "This payment will usually be credited to the beneficiary's account within 2 hours."

    When I tried to make a transfer of £10 it showed 3 working days.

    MS
  • skyrider007skyrider007 Forumite
    1.1K posts
    Did the 1p go through? I heard the recipient bank will have to support this service as well in order for payment to be processed within 2 hours.
  • msaquibmsaquib Forumite
    717 posts
    1p did go through - I just transferred it to A&L and it credited immediately. Anything more than 1p it saying it takes 3 working days.

    MS
  • PROLIANTPROLIANT Forumite
    6.4K posts
    1,000 Posts Combo Breaker
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    So does that mean cheques will clear quicker or can you still use the "Cash Slow" benefit of a cheque?
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • jonesMUFCforeverjonesMUFCforever Forumite
    28.9K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Fast payment does not change in any way the clearing cycle of a cheque.
  • skyrider007skyrider007 Forumite
    1.1K posts
    I think they are preparing the system to be 95% operational on official launch date. Currently only payment of 1p will be processed as Faster Payment.

    Too bad payment to HSBC Credit Card will still take 3 working days to process until November this year.
This discussion has been closed.

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